August 11th 2024.
Last week, the stock market in India experienced a downturn as the combined market value of eight out of the top ten companies took a hit, losing a total of Rs 1,66,954.07 crore. The main culprits behind this decline were Reliance Industries and Life Insurance Corporation of India, both suffering significant losses. This was in line with the overall weak trend in the stock market.
The benchmark index on the Bombay Stock Exchange (BSE) saw a sharp drop of 1,276.04 points or 1.57 percent. As a result, the market capitalisation of Reliance Industries, the country's largest company, plummeted by Rs 33,930.56 crore to reach Rs 19,94,765.01 crore. This was the biggest loss among all the top ten companies.
Another major player, Life Insurance Corporation of India, also saw a significant decline in its valuation, losing Rs 30,676.24 crore and ending the week at a market capitalisation of Rs 7,17,001.74 crore. State Bank of India, Infosys, Tata Consultancy Services, Bharti Airtel, ICICI Bank, and HDFC Bank also suffered losses in their market value, with the latter losing Rs 7,095.87 crore.
However, not all companies were negatively affected by the market downturn. Hindustan Unilever, a leading consumer goods company, saw a positive growth in its market capitalisation, gaining Rs 12,946.24 crore and reaching a valuation of Rs 6,45,808.65 crore. Similarly, another top company, ITC, also experienced an increase in its market value, climbing by Rs 8,406.26 crore to reach Rs 6,19,829.37 crore.
Despite these changes, Reliance Industries maintained its position as the most valued company in India, followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, State Bank of India, Infosys, LIC, Hindustan Unilever, and ITC. Only time will tell if these companies can recover from the market downturn and regain their lost market value.
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